To the Editor:
In a story reported by John Maguire on the front page of the LCN (Dec. 3) reports that the Sheepscott Spa and Resort owned by Edgecomb Development LLC (Roger Bintliff) has been assigned to Priority Group LLC to” recuperate money for the Wiscasset Savings Bank.”
However, the Nov. 27 edition of the Kennebec Journal on page D2 has a notice of foreclosure of the mortgage held by Savings Bank of Maine (formerly Gardiner Savings Institution) secured by the property of Sheepscot Harbour Village and Resort which further states that a public sale will be held at 10 a.m. on Dec. 28. It further states that the property will be “sold in its entirety” which covers most of the vacant land on Davis Island. The notice also states “all bidders will be required to deposit $250,000 cash or certified check payable to Pierce Atwood LLP,” it further states that “the mortgagee (the bank) and its nominees and assigns reserve the right to bid without making the required deposit.”
These notices appear with regularity but if your reporter is correct it would seem that the Priority Group LLC is going to pick up quite a deal. I don’t think there is a developer in New England that will pay anything near what was borrowed on the property.
I wonder if there was any personal guarantee required by the bank to back up these loans?
Just wondering.
John Stevens, Jefferson
